Delta Air Lines, Inc. (NYSE:DAL) has announced that its Comair division will end operations after Sept. 29, marking a transition away from regional jets towards more mainline flying. Additionally, the carrier will shrink the number of 50-seat regional jets down to 125 or fewer from nearly 350. However, Delta points out that Comair comprises about 1 percent of its network capacity, but there will be no significant modifications to its flight schedule or locations served.
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Domestic tire makers Goodyear Tire & Rubber Company (NYSE:GT) and Cooper Tire & Rubber Co. (NYSE:CTB) gained decidedly on the day, driven by Michelin, which firm reaffirmed its 2012 financial targets after posting a 37 percent first half growth in its local earnings. Higher prices and lower volumes made the difference, which implies that drivers continue to purchase new tires even though they may not be buying new cars as readily as before.
CNN (NYSE:TWX) chief Jim Walton is stepping down, following almost 10 years of running the once-dominant cable news network. Writing in a memo to his staff, Walton remarked that CNN needs “a new leader who brings a different perspective.” The network’s ratings continue their free-fall, as: the number of prime-time viewers has fallen by 8 percent year-over-year so far in 2012 (per Nielsen), and is now one-third that of Fox News (NASDAQ:NWS). Owner Time Warner has been pressuring CNN executives to find a solution for the situation.
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